PREFERRED LIVING APPLICATION AND RENTAL TERMS AND CONDITIONS

  • 1. Preferred Living fully complies with the Fair Housing Act.
  • 2. Unit Prices and special offers on any Preferred Living website or those given in person are valid for new residents only on full term leases deemed by Preferred Living, and will ultimately depend on the specific unit chosen and the day of the application.
  • 3. Handwritten quotes are not contractually binding and only those prices set forth on official Preferred Living documentation or electronic media are valid at the time of application.
  • 4. Specific units chosen can and will determine final pricing; base rents are only for some units and premiums are added for amenities on specific units deemed by Preferred Living to have those amenities.
  • 5. Short term leases may or may not be available and are priced at a premium, only business managers can quote this premium and the term available for the property.
  • 6. Pricing, specials, and availability are subject to change at any time and are only locked in once 2 events occur: a completed application as well as the payment of hold fees and application fees.
  • 7. All leases must be signed and full deposits paid in full within 2 weeks of completed application in order to lock in prices and any valid specials; after 2 weeks, pricing and specials may or may not be updated at the discretion of Preferred Living.
  • 8. All application fees are non-refundable in the case of cancellations and denials for any reason.
  • 9. Hold fees are applied toward the full approved deposit. Hold fees are non-refundable in the event of the customer cancelling their application for any reason. Denied applications will be refunded this hold fee only.
  • 10. All applications will be evaluated internally against Preferred Living Guidelines which are subject to change:
    • a. Applications must be submitted on all prospective residents 18 years of age and older and will all be processed for the items below. Those under 18 are still considered occupants and their information must be provided to determine that occupancy restrictions are met. Maximum number of persons per unit is 2 per bedroom plus 1.
    • b. Falsification of an application can result in a declined application.
    • c. Felony and misdemeanor convictions or arrests related to public peace, assault, theft, weapons, illegal drugs, or sex crimes, can result in a declined application. Any person on a sex offenders list will result in a declined application.
    • d. Bankruptcy or unpaid balances to a landlord can result in a declined application.
    • e. Income, salary or assets used for the application must be current and considered accessible by Preferred Living through legal means to count in the processing of the application.
    • f. Annual income of combined applicants over 18 years of age, must be 3 times the annual scheduled rent. If using assets with no income stream, the value of the assets must be 3 times the annual rent contract.
    • g. Credit scores are also evaluated in the processing of the application and Preferred Living uses a credit bureau that sources information from the major credit reporting agencies. Average credit scores are used in conjunction with the other criteria, to determine approval, contingent approval or denials. No credit score available, can result in a declined application.
    • h. Applications can be approved, contingent approved or declined. Contingent approval could result in a higher deposit, guarantor, loss of special offers, rental verifications, or a combination of these, as deemed by a Preferred Living internal review system of all the criteria.
    • i. Guarantors are subject to approval on income/assets and credit. Income or assets (as in item e) must be 4 times the value of rent and credit scores are required to be at least 650 no exceptions.
  • 11. Payments accepted by Preferred Living are either credit card or through ACH using a bank account. All credit card transactions come with a convenience fee of 2% in addition to the amount being charged.
  • 12. Electronic payment information complies with federal standards.
  • 13. It is understood that all fees, monthly rents, damages or repairs during the duration of the lease are due on time and those items left unpaid can be collected using the electronic payments supplied by the customer.
  • 14. Insurance is required for occupancy, a minimum required Property Damage policy of $100,000.